Individual Retirement Accounts (IRAs)

Retirement Savings

IRAs help you save for a secure retirement by taking a strategic approach to paying taxes. For people who don’t have a 401(k) plan through their employer, IRAs are a great way to save and invest money. Even if you already have a 401(k), you may still open an IRA to make additional contributions to your retirement. Union Bank is strongly committed to helping the communities we serve. Helping you reach your retirement goals is just one of the ways we take care of our neighbors.

Union Bank offers Traditional, Roth and Sep IRAs.

Traditional IRAsTraditional IRAs are designed to help you to save money for the future and, if you are income-eligible, deduct your contribution off your current income taxes, postponing any tax obligation until you withdraw the funds.

ROTH IRAsWith ROTH IRAs, you pay your normal income taxes up-front, but your IRA contribution and earnings become tax-free. Future eligible withdrawals are tax-free for both your initial deposit and the accumulated earnings. ROTH IRAs are particularly attractive if you believe your tax rate will be the same or higher by the time you draw on these savings in retirement.

SEP IRAsor Simplified Employee Pension IRAsThese offer easy, flexible options for self-employed individuals and small business owners. With a SEP IRA, all contributions are made by an employer. Employees may not make their own contributions to a SEP IRA.

All IRAs have specific terms and requirements. Please inquire at your nearest Union Bank branch to gain a full understanding of which IRA is the best for you.

If you’re wondering where to open an IRA account, look no farther than your local Union Bank branch. We have branches throughout Northern Vermont and New Hampshire, in Berlin, Danville, Fairfax, Hardwick, Jeffersonville, Johnson, Lyndonville, Morrisville, St. Albans, St. Johnsbury, Stowe, Groveton, Lincoln, Littleton, and North Woodstock. Our friendly representatives will show you how to open an IRA and help you decide which type of IRA bank account is best for you.